The Salary Needed to Buy a House in America's 10 Wealthiest Towns

What We’re Showing?

The annual salary needed to own a house in each of the ten wealthiest towns in the U.S., according to GoBankingRates. All data was collected and is up to date as of Sept. 2024. 

Methodology 

GOBankingRates analyzed cities with populations between 5,000 and 100,000, identifying those with the highest average household income and typical 2024 home values. It then calculated the minimum salary needed to afford a home, assuming no more than 30% of pre-tax income is spent on housing and using a 30-year fixed mortgage rate of 6.35%. The calculation excludes P&I, HOA fees, and property taxes.

Key Takeaways

• Palm Beach, Florida, tops the ranking, requiring a salary of $2,308,328 to own a house. It is the only city on the list where buyers must earn $2 million to purchase a home.
• Individuals must earn at least $1 million annually to buy homes in four California cities: Atherton, Los Altos Hills, Montecito, and Hillsborough.